larry kudlow, always a pleasure. thank you again for being with us today. thanks, larry.> totally different subject. joe biden. launching an apology campaign after saying this on radio. watch this. >> you got more questions -- >> you got more questions but if you have a problem figuring out whether you're for me or trump, then you ain't black. stuart: all right. how that comment could shape his short list for a vice presidential pick. we've got that story coming up. >>> and the virus is convincing some americans to move out of big cities. once the virus is under control, will they come back or stay in the suburbs? or out in the country? we will deal with it next. ♪ usaa was made for right now. and right now, is a time for action. so, for a second time we're giving members a credit on their auto insurance. because it's the right thing to do. we're also giving payment relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. right now is the time to take care of what matters most. like we'

discuss the economic challenges from the white house, president trump's top economic adviser, larry kudlow, mr. kudlow, good to see you, thanks for joining us. i want to start with what the government is doing to help americans through the crisis. do you think there will be a phase iv stimulus bill and should it include money for state and local governments? >> i don't want to get too far ahead of the story, jake. there may well be additional legislation. there's kind of a pause period right now. you know, we've put up $3 trillion of direct federal budget assistance in one way or another. the federal reserve has actually put in as much as 4 to $6 trillion. so it's a huge, huge package. let's see how it's doing as we gradually reopen the economy. we probably will have some ideas. i want to say this, that regarding the states, as you know, the president has from time to time spoken about linking that to sanctuary cities. i don't think anything's been decided yet regarding health care and all manner of medical equipment. we have poured hundreds of billions into the states. perhaps there will

he gave a speech recently and basically echoed exactly what larry kudlow has been saying about the economic rebound. he said it's going to be the greatest economic data in the history of this country. he is really going out on a limb and saying we are going to bounce back in the third quarter and beyond like nothing this country has ever seen before. that is a former economic adviser under president obama. so you know, that's a very interesting endorsement of what the white house has been saying all along. stuart: interesting. it's wildly surprising but there you go. all right. what have you got for us, susan, on this rally? susan: i'm watching 3,000 for the s&p 500. that's been a resistance level for a lot of this rebound from the depths of march. we only crossed 3,000 in july of last year and since then, we bounced below that with the selloff we saw last month. a lot of traders aretechnicals,

larry kudlow couldn't answer the question. can you?hink what we need is a quick buildout and incentivizing people to go into the president's apprenticeship program. no reason why you can't go into an apprenticeship program. those programs do pay a wage and we can supplement that so people can retrain to new jobs. the reality is, we are going to have fewer restaurants and more industrial kitchens, where people make meals, have them delivered and so forth. why not train more people to be chefs? stuart: okay. maybe we will do that. we shall see. i'm sorry to cut it short, peter. i've got one of these, you know the story, hard breaks coming up. you know how it goes. thanks for being with us. we both need a haircut. see you soon, peter. >>> we are only just getting started this friday morning. big show coming up. look at this. tammy bruce is with us. linda mcmahon. steve hilton. joe theismann, all of them on this show later on. >>> first, remember when obama's national intelligence director said this about the 2016 election. roll tape. >> i

larry kudlow joins us exclusively. we'll talk job losses, the state of reopenings, ppe changes and potential up in sanctions against china. it's all on the agenda today speaking of china, the country tightening its grip on hong kong at what point should u.s. companies begin to worry about doing business there >>> and believe it or not, more shoppers are going to stores than expected. well tell you the names where the traffic has surprised the analysts to the upside but we begin with today's markets. some interesting rotation underway, shall we say, dom? >> we can talk about rotation. i'm also noticing, we're about 12 feet away from each other, appropriately socially distanced. take a look at the markets, near their session highs of the day the s&p 500 up about 1%. and the nasdaq up about a percent, as well so just about in line with the all three major averages i'm not going to touch this, just so you know, because it's our new world order. however, take a look at some of that lowation that kelly was talking about befo

this morning larry kudlow suggested much the same. >> i want to say this. that regarding the states, as you know, the president has from time to time spoken about linking that to sanctuary cities. i don't think anything's been decided yet regarding health care and all manner of medical commitment. we have poured hundreds of billions into the states. perhaps they'll be more of that. we'll wait and see. from our perspective, too, jake, look. we know the economy is still in terrible contractionary phase, tremendous hardships everywhere. that's why we've put up several rescue packages led by president trump and with bipartisan support of congress. >> reporter: first of all, fred, on that issue of so-called sanctuary cities, that's a non-starter for democrats on capitol hill who would oppose that, but also we're hearing from others including the republican governor larry hogan suggesting that state and local governments do need support from the federal government, and that there shouldn't be any strings attached. even though his state, for example, does not have

those comments from larry kudlow will feel somewhat tone death. mid-march, over 38 million people have filed for initial unemployment aid in the united states. that equates to around a quarter of the work force just to give you an idea of how huge this issue is. some states are reopening. some people are going back to work. there is some hope from analysts and economies that we'll see hiring in the back half of the second quarter. however, will businesses and industries be returning to normal any time soon? for so many that is an absolute no. revenues won't return to normal for months. plus it could be years for travel or tourism. businesses are under pressure. some will go under. job cuts. the fear of job cuts, people will spend less. you get to see how a recession becomes so entrenched and prolonged. >> as you mentioned some businesses will go under and hertz is filing for bankruptcy along with other big name companies. what will be the likely impact of this? >> well, hertz is a really interesting one, rosemary. i mean, they weren't in possibly

national economic council chair larry kudlow, national security adviser robert o'brien have sent a lettero labor secretary eugene scalia warning that federal u.s. pension funds are exposed to economic work because of possible future sanctions against china for its deceitful cover-up of the wuhan virus. we'll be talking with secretary scalia about that and about the exposure of the retirement funds of federal employees to communist chinese investments. there are also new developments this evening in the fight to reform the secretive fisa court. that was used by the same corrupt obama era officials to spy on president trump, his campaign and his administration. the senated today began -- senate today began hours of debate on a fisa reform bill that passed the house back in march. three amendments have now been proposed. but senator lindsey graham seems to be worried that he might upset some of his friends in the democratic-run house should the senate send back a bill that includes more reforms. >> i'm talking to senator lee, he's got some ideas. the problem is this passed the house overwhel

we will be speaking to larry kudlow. says she has no choice but to go beyond conventional policies. we will bring you more of our exclusive conversation with christine lagarde. that is next. this is bloomberg. ♪ ♪ economics, finance, and politics. this is "bloomberg surveillance." christine lagarde said she has go beyondbut to conventional policies to combat the coronavirus crisis. francine lacqua spoke to her yesterday as part of an ongoing discussion. included, banks, ecb are driven by their mandate. they have the privilege of being independent institutions accountable to, for myself, the european parliament, to which i report back and i am accountable to and i go every three months to tell about our action and our tools and how we measure them and assess them. but we are also mandate driven. dictates that we do whatever is necessary and whatever is needed in order to actually deliver on our purpose, which will be a factor of circumstances. to give you an example, we are currently and we have all said the same thing go

businesses, grounded flights slashing the demand for oil sending prices to unprecedented lows, larry kudlows the national economic council director and he joins me right now. larry nice to see a weekend where many businesses are beginning to open. what kind of an impact will this have, the reopening on overall economic growth for the year, larry? >> well it's all good. you know, may will probably be a big transition, very positive, probably transition into june as we get the economy opening again. we have the federal guidelines as you know, data-dependence got to be within 14 days, the number s have to be coming down. the states themselves will have their own guidelines, everyone is emphasizing best practices behavior, distancing, testing is picking up very very rapidly, so i think things look a little better. it's going to take a while but i think america wants to go back to work, maria and we would love to see it. maria: how bad has the economic damage been so far, larry? is it fair to say we are in a recession right now? we've all seen the numbers in terms of the second quarter we're loo

. >> economic adviser larry kudlow. and liz ann sonders and neel kashkari. >>> top pharmaceutical executives will join us on the latest search on covid vaccines and treatments and all of the week's politics with chris christie and rahm emanuel on our powerhouse round table. >> announcer: from abc news, it's "this week." here now, chief anchor george stephanopoulos. >>> good morning and welcome to ek that set somef e worst records ever for the rnin 20.5 million americans lost their jobs in april, ten-times the record set in 1945 when the country demobilized from world war ii. the unemployment rate jumped to 14.7%. just three months ago, unemployment was at a record low of 3.5%. and as stunning as those numbers are, they don't capture the depth of the damage, adding workers looking for full-time jobs, the furloughed who hope to get their old jobs back and more than 1 in 4 americans are out of work. the lines at food banks are heartbreaking. we can all hope the economy can bounce back. investors seem to be betting on it. b

. >> in fact, larry kudlow was on cnn today, and he was disputing the story and defending what kevin hassett had done. let's watch. >> yes. >> kevin hassett himself said in that story that is not true. >> he was clarifying the situation. he was not changing the situation. we have from day one abided by the advice andifiedance of our top medical people, dr. fauci, ambassador birx, and many others in hhs and fda. this idea that somehow we were creating a new model is simply not the case. >> elise jordan, we know that there is a denial right there from larry kudlow. but the fact is that the president has open low, on camera, in front of the world, has been encouraging states to open before they have even met their white house guidelines. >> it is very difficult for larry kudlow to argue that the white house is doing everything by the book as recommended by public health experts when donald trump's own rhetoric goes completely against that. coming to tonight, it is going to be interesting to watch how donald trump manages to handle two hours of a town hall getting questions about reopeni

i spoke with larry kudlow,ing the white house chief economic head, about this a hard-line stance towardnese companies as well as the white house's decision to halt money from the thrift fund going into chinese companies. watch. >> the solution here is for the chinese to open up their investment system and to play according to the rules set by longtime authorities in the usa, the sec being the key and the public accounting board being another key. we can't ask military retirees to invest in chinese companies that are operating against our own interests and in some cases with respect to this pandemic, we saw the president wrote an excoriating note to the world trade organization, china and the w.h.o. were complicit. they lacked transparency, they lacked information. it looks like there was collusion for a cover-up. maria: and joining me right now to discuss more on this is roger robinson, president and ceo of the rwr advisory group, he is also a former senior director for international economic affairs for the national security council during the reagan administration. roger, it is great

white house economic adviser larry kudlow speaking to jonathan ferro. can get a roundup of the stories you need to get going on the terminal. it is available on mobile in the bloomberg anywhere app. this is bloomberg. ♪ shery: people's bank of china says the country faces challenges from the coronavirus pandemic and is pledging to use more powerful policies to counter the two growth. tom mackenzie joins us. does this mean the pboc is moving away from the targeted moderate approach? what are they saying they will do? tom: they are trying to give themselves more room to maneuver even if they are not ready to go down the route of quantitative easing. this is -- it was released on sunday. the central bank saying it will pay more attention to economic growth and jobs, the impact from the coronavirus shutdown weighing on the global economy. it reiterated the prudent monetary policy will be more flexible and appropriate and liquidity will be kept at a reasonably ample level. they have been injecting liquidity into the financial system. the report dropped the p

larry kudlow says the trump administration wants to assess whether additional aid is really necessaryre may well be additional legislation. there's kind of a pause period right now. that's what i would say to you at this particular juncture. let's execute the continuation of what we've already done. let's see what the results are. the outlook is very, very high. we are covering them with generous relief packages. trying to stabilize things and get folks through this. then we will see. >> christine romans joins us now from new york with more on all of this. hi, christine. good to see you. happy monday. what do you make of those comments there? that additional relief is essentially on pause? >> well, most economists are pencilling in a lot more relief. you heard larry cut low talking about what's going out for stabilization, there will need to be transformation loans for small business so they can change the way they do their business and try to grow once we start to reopen here. he also, larry kudlow, he didn't rule out the fact that you could refill that paycheck protection program. h

larry kudlow great to have you with us again, we love that talk about blowout 2021, and i can't thinknybody whose not in favor of that. anyway, larry thank you, sir. >> keep the faith, stu appreciate it so much. stuart: thank you very much. totally different subject. see that thing on the screen right there? that is a drone. it's coming to a town in north carolina, delivering meals and groceries complete with zero contact service. we'll tell you how that thingworx. it's actually in use, but first, bar rescue john tapper joins us how do you reopen a bar for social distance? isn't that a contradiction and when will we see las vegas open up? he has an opinion on that, more varney after this. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've alwa

lou: and joining us tonight is national economic council director larry kudlow. y, good to have you with us, and it is a day of reopening across much of the country. it's an important beginning. give us what you expect to happen over the next 2-4 weeks. >> well, vice president pence echoed president trump today and announced that one way or another phasing in reopening of all 50 states. so that's very, very good news. be honest with you, lou, we're till in this contraction period -- still in this contraction period. the second quarter, obviously, it's a pandemic contraction with nothing but hardship and heartache. but lately there's some glimmers of hope and some glimmers of growth. i mean, we're seeing better gas demand, we're seeing, you know, the mapping mobility is picking up, people are deciding to drive some more. mortgage forbearance is down. even the dreadful unemployment claims which are still signaling difficulties in unemployment, at least they're coming down from 7 million a week to less than 3 million a week. so there's some early glimpses of recovery

charts so, i felt very good again, i reiterate that what i was most worried about is something that larry kudlowddressed. i thought in answer to your questions, carl, that there is not going to be a strong retaliatory effort right now now, maybe larry is an optimist, and that would be an optimistic view i felt much better about the principle worry that i had going into today does that mean we can't go down? but it just didn't sound to me we were about to have an escalation of the trade war right now. >> i tried to open the door for him go through it. at this moment, jim, how many times did he say he didn't want to get ahead of the curve on that >> that makes me feel more sanguine let the market come in a little, makes sense. maybe not 4%, maybe 2% i thought it was good. david, i know that at times you like to temper my enthusiasm so, david, temper my enthusiasm. >> well, listen, kudlow is unrelentingly optimistic you know that. i mean, he is the person who said the virus was relatively contained -- >> that's unfair >> well, it was a statement that was said on our air not that long ago obviously

joining us now, larry kudlow.nd thank you so much for being here on "america's newsroom." it's really something to see those numbers and it's amazing to think that we were all sitting here just a few months ago talking about the booming u.s. economy and here we are now with double digit unemployment as a result of all of this. >> is a tough story, a lot of heartbreak, a lot of hardship in those numbers we saw today. this is of course a function of the virus in the pandemic. i think of it more as a pandemic because i don't think the economic policies because this at all. in fact, economic policies gave us a rolling recovery. we were growing at 3% at an annual rate in the first two months of this year, believe it or not, january and february and then here we are. so this is difficult, very difficult. in a couple of quick things, according to estimates from the economic advisors here, about three quarters of this job loss in april, looks like temporary layoffs expected to return to their job, that means neither will

here now is the national economic council director larry kudlow. it's a simpleal answer. no money. why would we give any state -- this is the tom cotton bell, to any state that has sanctuary status considering the billions of dollars, larry, that we pay for illegal immigrants, education, criminal justice system, and our health care system, they are giving checks away to? >> listen, the president himself has said several times that any potential aid to states have to be accompanied by ending sanctuary cities. which of course affects the large blue i states and other places. so do i, i think the more formal negotiations, right now we are pausing to see the impact on the economy. by the way, there are some hopes up for the economy. we'll get to that any moment. we are going to look at all this, we aren't going to fund mismanagement, not going to fund poorly managed pension funds. there might be opportunities to assist where covid-19 is involved in terms of frontline -- >> sean: we passed $3 trillion. >> that's different. is going to be tomorrow's cover of "the new york post." and it s

you hear larry kudlow there drawing another red line on unemployment benefits.t is your reporting telling you about where the white house is ready to go to help minority communities that are struggling? ayesha: when i asked president trump that question, he talked for a long time but never really gave an answer on what specifically he was planning to do. i did talk to a white house official, jauron smith, who's been a point person on minority issues and on things like criminal justice reform and opportunity zones. what he does is that the white house is looking at a host of options but one option in particular they're looking at is extending opportunity zones which basically give tax credits to investors who invest in low-income neighborhoods so the white house is looking at that and they say this will help give a boost to those areas that are already struggling and will be struggling even more now that the economy has completely slowed down. what critics, though, say, is that a lot of that tax credit, what it has done, is that it's helped very wealthy investors

steven mnuchin, secretary mike pompeo, ambassador robert o'brien, ambassador robert lighthizer, and larry kudlow. pres. trump: thank you very much. good afternoon. i am here today to talk about our relationship with china and several new measures to protect american prosperity and security. china's pattern of misconduct is well known. for decades they have ripped off the united states like no one has ever done before. hundreds of billions of dollars a year were lost dealing with china especially over the years during the prior administration. china rated r factories, -- rated our factories, offshored our jobs, still intellectual property and violated their commitments under the world trade organization. to make matters worse, they are considered a developing nation, getting all sorts of benefits others including the united states are not entitled to. i have never solely blamed china for this. they were able to get away with theft like no one was able to get away with before because of past politicians and frankly past presidents. unlike those who came before my administration negotiated and foug

charles: at the same time, you listen to larry kudlow. certainly actively wooing american companies back from mainland china. some in hong kong may decide to leave too. how do we walk the democrat line not doing anymore harm to the economy by wooing businesses? although some will want to flee this aggression from china? >> yeah. you know, china cannot be trusted, the movement to pull businesses back from china, to the u.s., is something that has broad support, something we will be able to accomplish. something that i believe most businesses will be ready to achieve. that obviously will be step one. as we deal with china from a business perspective, and again hong kong going to be a little bit different. we'll have to see how to navigate through that mine. charles: meantime speaking of navigating, new york governor andrew cuomo laying out what he and president trump discussed just moments ago regarding infrastructure. take a listen. >> how do we take some of the big infrastructure projects that have been sitting around for a long time, we

that's all i'm saying. >> sean: larry kudlow, thank you. breaking tonight, a federal judge has postponed the resolution in flynn's case. might be time for a new judge. acting director rep you the name of obama officialsls wo illegally unmasked flynn, i believe illegally. sara carter with a full report.e breaking news on intel that shows the russians wanted hillary to win. "the new york times" didn't get it. what is lindsey graham's plan in the senate? next. doctor bob, what should i take for back pain? before you take anything, i recommend applying topical relievers first. salonpas lidocaine patch blocks pain receptors for effective, non-addictive relief. salonpas lidocaine. patch, roll-on or cream. hisamitsu. yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few ea

real problem and we have an issue of whether there is there's a new tariff war brewing or not larry kudlow was talking about that this morning but on traders' mind. amazon down 8% and that's a problem. banks weak tech weak. we had weakness in the lam, micron apple, as well energy, consumer staples are outperforming on a relative basis. next hour talking more about some of the earnings and kind of a picture about what i see emerging in earnings back to you. >> we're goring to talk about energy in a moment that i understand. why are the banks so hard hit do you think? >> well, this is the story about the slow down. last two weeks of april talking about the reopening and now issues of how strong the reopening is going to be so you see the retailers move down, you see the banks move down. you see certain industrials move down this is a broad play on the reopening concept and how strong it is going to be. it's about how successful reopening the economy's going to be and how fast to do that. >> bob, you changed the poster over your shoulder there was a female poster up there yesterday and now se

larry kudlow, thank you. when we come back, mark cuban, he owns the mavericks, joins us next. also dennis miller's back, and i hear he's got a lot to say, which shouldn't shock you, straight ahead. ♪ i had a heart problem. i was told to begin my aspirin regimen, and i just didn't listen. until i almost lost my life. my doctors again ordered me to take aspirin, and i do. be sure to talk to your doctor before you begin an aspirin regimen. listen to the doctor. take it seriously. "the retur"drafting"ing" "the return of the slide job" "ripping the wall" "gas-n-go" "bump-n-run" "the return of loud" "nascar is back, and xfinity is bringing you the best seat in the house." ♪ >> sean: joining us now, his first time on "hannity," the owner of the dallas mavericks and the hit show "shark tank." i love that show. it's a great show. mark cuban, how are you, sir? >> i'm doing great, thanks for having me on. >> sean: i have a group plan to reopen mba and want to throw in value. i've been talking to owners of other sports franchises, robert kraft, randy levine, all those guys. okay. maybe yo

jeremy, we heard from larry kudlow today there may be a pause for additional stimulus money. what other details are there? >> reporter: that's right. the white house chief economic adviser larry kudlow suggested the white house will take the next couple of weeks to assess whether they need to put more money into that small business loan program or other economic stimulus programs. he indicated the white house wants to see how the country begins to recover as states start to reopen their economies. what we know, fred, that in the last week more than half of the new funds for that payroll protection program, that small business loan program, have already been approved, and so ckudlow telling jake tapper the white house hasn't decided, though if that program needs more money. >> this has been an extremely popular and effective program, no question about it. you know, keeping folks on the payroll is so important and even if furloughed a while they'll be picked up by unemployment compensatitenc competence. that suggests a comeback in reopenings moss of may and june. i don't want t

here is larry kudlow. he's optimistic and confidence as you are.talked about the wall street journal predictions and metrics as well as congressional budget office and what we can expect, here he is. >> they are looking for a substantial rebound of says 7 to 20% in the second half of the year beginning in the third quarter, the growth rate in the third quarter could be well -- and to add to that as we formulate our own policies, they'll be additional policy discussions with congress. we want to move towards long-run growth incentives. eric: do you see the administration or what proposals do you see the administration have to try and have the long-term growth and get to those levels that kudlow just talked about? jon: let me say two things, first of all, in terms of the numbers that we have seen in the second half of the year. yes, they are going to be big, they are going to be big because big bounce-back because there was such a big decline in the first half of the year, so i -- i would approach that kind of talk with some level of reservation or s

to work our way higher when there's a lot of stimulus here a white house top economic advisor larry kudlow did say that he could he projects the quarter could grow even over 20 percent that's if the economy reopens and that the numbers go down now that remains to be seen but i do want to turn to the p.p.p. funding were treasury secretary stephen newton said that $175000000000.00 of the $310000000000.00 have already been you know $2200000.00 loans have already been processed and the average size we're looking at a loan is about $71000.00 white house top economic adviser larry kudlow said that a 3rd round might be necessary how much more are we looking at. you know is that when you're looking at funny money they could be as much as they want i mean again this is all artificial and i don't understand why they don't actually make it loans to these businesses at very low interest rates over a very long period of time and that are printing free money and giving it away this to me does not fit any form of logic i've ever seen but of course it's allowing again this the devaluation of the we have b

and the average size we're looking at a loan is about $71000.00 white house top economic adviser larry kudlow said that a 3rd round might be necessary how much more are we looking at. you know it's when you're looking at funny money they could be as much as they want i mean again this is all artificial and i don't understand why they don't actually make it loans to these businesses at very low interest rates over a very long period of time and that are printing free money and giving it away this to me does not fit any form of logic i've ever seen but of course it's allowing again this the valuation of the we have by buying more free money printing so i think the better solution would be to loan small business money with an extended rate of low interest an extended time period but again they can print as much as they want as we've seen since 2008 i mean the process is a really never shutdown we continue to see the creation of new money which is not a good situation well we already know that the record treasury that's never been borrowed it was i believe just under $1.00 trillion this was in 20